OLA Outlines Reforms to Project Catalyst

Posted on March 5, 2018

On February 15, OLA attended an industry roundtable, alongside 25 other trade associations, hosted by CFPB Acting Director Mulvaney. OLA has sent a follow-up letter outlining some recommended reforms to Project Catalyst. Those include:

Improved regulatory flexibility

Greater use of wavier

True “No-Action” letter

Greater use of guidance documents

Utilizing statements of enforcement policy to set guard rails

As many will recall, Project Catalyst was created in 2008 to be a vehicle to support innovation in our financial markets. While holding great potential, it has fallen short of its potential. The letter, located below, provides a road map to getting this initiative back on track.

OLA looks forward to work with Acting Director Mulvaney and the staff at the CFPB towards improvements to Project Catalyst.